Story perspectives

Gasoline Prices Hit $4.09 in August 2026

8/29/2026

Summary

Story summary

U.S. regular gasoline prices averaged $4.09 per gallon in August 2026, the first month above $4.
The rise followed six months of reduced shipments through the Strait of Hormuz after Iran war began in late February 2026.
President Donald Trump will meet week with refiners Valero Energy, Marathon Petroleum, PBF Energy, and retailers to discuss lowering prices.

History

Historical Context

The 1973 Arab Oil Embargo, triggered in October 1973, halted shipments to the United States and quadrupled oil prices. OPEC, led by Saudi Arabia, cut output by 5 million barrels per day, pushing U.S. gasoline to $0.55 per gallon, a 53 % rise from $0.36. Similarly, Iran’s February 2026 war disrupted Strait of Hormuz flows, driving U.S. regular gasoline to $4.09 per gallon, the first above $4. Both crises forced presidents—Richard Nixon then, Donald Trump now—to convene refiners and retailers, highlighting how geopolitical shocks repeatedly reshape American fuel policy.

1 of 2

Story summary

U.S. regular gasoline prices averaged $4.09 per gallon in August 2026, the first month above $4.
The rise followed six months of reduced shipments through the Strait of Hormuz after Iran war began in late February 2026.
President Donald Trump will meet week with refiners Valero Energy, Marathon Petroleum, PBF Energy, and retailers to discuss lowering prices.

1 / 2